Israel PM arrives in Mumbai

Jan 17, 2018 0

Mumbai– Israel Prime Minister Benjamin Netanyahu arrived here from Ahmedabad on Wednesday on a two-day visit, officials said.

He was received at the airport by Maharashtra Chief Minister Devendra Fadnavis and senior officials.

On Thursday, Netanyahu will have a packed schedule. He will interact with the best of both the worlds Mumbai has to offer – business and glamour.

His official day will start with a power-breakfast with top Indian CEOs and head honchos plus attending a business forum of Israeli and Indian business persons.

This will be followed by a wreath-laying ceremony at Hotel Taj Mahal Palace opposite the Gateway of India and a visit to the Chabad House in Nariman House, in nearby Colaba – both in south Mumbai.

Both these places – the heritage hotel and the once non-descript Nariman House – were the targets of the 2008 Mumbai terror attack by 10 Pakistani gunmen who sneaked in from the Arabian Sea.

Netanyahu is expected to declare the Chabad House as a Living Memorial in which the orphaned toddler Moshe Holtzberg, now an 11-year-old boy, was saved by his Indian nanny Sandra Samuel from the terrorist mayhem.

However, his young parents Rabbi Gavriel Holtzberg and Rivka lost their lives along with seven others in the attack, after which little Moshe and Samuel were taken to Israel.

Later, he will attend a gathering with the members of the small but prosperous Jewish community living in different parts of Mumbai.

The evening is reserved for a gala glamour-filled engagement with Bollywood personalities, his final engagement before returning home on Friday morning. (IANS)

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High-level Polish delegation to participate in Bengal business summit

Jan 11, 2018 0

Kolkata– A high-level Polish delegation will participate in the upcoming Bengal Global Business Summit (BGBS) and representatives of Silesia, an economically robust region of the east European country, and West Bengal will sign an MoU on bilateral cooperation, an official statement said on Thursday.

The head of the delegation Marek Magierowski, Deputy Minister of Foreign Affairs responsible for the relations with Asia and economic cooperation, will be accompanied by Grzegorz Tobiszowski, First Deputy Minister of Energy, Ambassador of Poland to India, Adam Burakowski, as well as by representatives of Silesia.

The delegation comprises of a group of over a dozen prosperous Polish companies, representing mostly the energy sector, including coal mining and coking coal production. Poland and India rely heavily on coal, the statement said.

“Our mutual goal is to increase energy efficiency which could be done by development of energy saving, clean technologies and modernisation of the energy units,” it said.

Polish companies that will be present at the BGBS to be held on January 16-17 in the metropolis, will be offering innovative products, technologies and services in this field and their representatives are hoping to find new business opportunities and partnerships in the state, it added. (IANS)

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France’s PSA group, India’s Birla group to build powertrain plant in TN

Nov 10, 2017 0

Chennai– French automobile group PSA and India’s C.K.Birla group said they had on Friday kicked off their powertrain plant with the ground breaking ceremony at Tamil Nadu’s Hosur.

In a statement, the two groups said that the ground breaking ceremony marks the official inception of PSA-AVTEC Powertrain Pvt Ltd – a 50:50 joint venture between Groupe PSA and AVTEC, which aims to manufacture 200,000 units per annum at the plant at Hosur, 310 km from here.

The statement is silent on the investment outlay for the powertrain plant.

The manufacturing capacity for powertrains will cater to the domestic market needs and global vehicle makers.

The PSA group has five car brands – Peugeot, CitroAn, DS, Opel and Vauxhall.

“The ground-breaking ceremony is a key milestone in the deployment of our strategic plan Push to Pass and it reiterates the commitment of Groupe PSA to India,” Emmanuel Delay, Executive Vice President India & Pacific, Groupe PSA, was quoted as saying in the statement. (IANS)

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Indian furniture market huge opportunity for Asia: HKTDC

Oct 17, 2017 0

New Delhi– The Indian furniture market, which is expected to grow in worth to over $27 billion by 2022, represents a huge opportunity for furniture exporters across Asia, according to a report by the Hong Kong Trade Development Council (HKTDC).

“With demand set to outstrip supply, this is seen as representing a huge opportunity for furniture exporters across Asia,” the HKTDC said in a release here on Tuesday.

According to the report, the country’s furniture market was worth $18 billion in 2015 and, currently, India is the 14th largest such market in the world.

“With 75,930 tonnes, China was the largest single source of Indian imports of furniture and home furnishings,” the HKTDC research note said.

“In second place was Malaysia with 13,004 tonnes, while Italy took third place with 9,441 tonnes,” it added.

According to HKTDC, there is a huge demand in India of “consumers keen to purchase the more contemporary designs that characterise the imports in the sector”.

“As a result of such demand, some $1.49 billion worth of furniture and home-furnishing items were imported in the financial year 2015-16.”

“India is also one of the largest importers of office furniture, with the country accounting for just under one-fifth of global imports in the sector,” the report added.

In this connection, it noted that Swedish furniture giant Ikea has announced plans to establish India as the global manufacturing hub for its furniture and sofas. (IANS)

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India to attract $10 billion investment in food processing sector

Oct 16, 2017 0

New Delhi – India is expected to attract investment of $10 billion in the food processing sector at the World Food India 2017 event next month, Union Food Processing Industries Minister Harsimrat Kaur Badal said on Monday.

“With World Food India, the country is poised to touch an investment target of roughly $10 billion in the food processing sector, which will generate one million jobs in three years,” she was quoted as saying at a curtain-raiser session here.

“I am certain that the World Food India platform will reinvigorate the country’s position as a ‘Global Food Factory’ and a ‘Global Sourcing Hub’,” she said.

Over 200 companies from 30 countries, 18 ministerial and business delegations, and 50 global Chief Executive Officers, along with CEOs of all leading domestic food processing companies, are expected to attend the November 3-5 event, where Germany, Japan, and Denmark are ‘partner countries’ whereas Italy and Netherlands are ‘focus countries’.

Badal said the retail sector in India offered a large demand-driven market and the government was creating the right infrastructure, an enabling environment, and an innovation culture to foster strategic partnerships.

“India is the second largest producer of food, leader in milk, fruits and vegetables, cereals and marine products. It has a huge potential with 127 agro climatic zones, and proximity to food importing nations… the World Food India 2017 provides that platform for partnerships,” she said.

“With World Food India, we are inviting the world to come and refresh their experiences of Indian food, spices, ingredients, and cuisines. The food street at the event will, I hope, be a memorable experience.” (IANS)

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Modi invites Dutch investors to India

Jun 27, 2017 0

The Hague–Prime Minister Narendra Modi on Tuesday invited Dutch businesses, particularly its pension funds, to invest in India “where doing business is being rapidly eased” through a series of economic reforms.

Modi, who is on an official visit to the Netherlands, met the country’s leading chief executives, along with his Dutch counterpart Mark Rutte, here in the nation’s capital.

“Pension funds are especially welcome to India,” India’s External Affairs Ministry spokesman Gopal Baglay in a tweet quoted Modi as telling the CEOs.

“India is a land of opportunities with a population of 1.25 billion, 800 million of whom are below 35 years and the economy is growing annually at over 7 per cent,” Modi said.

According to Baglay, the Indian Prime Minister said the government reforms were seeking to enhance ease of doing business and bring India at par with global standards.

“Seven thousand reforms, real estate, defence, etc FDI,” Baglay tweeted referring to Modi’s address to the CEOs.

There are 200 Dutch companies in India.

Addressing the media, Ruchira Ghanashyam, Secretary (West) in the Ministry of External Affairs, said that the Netherlands was an important economic partner of India.

She said that during the interaction with Modi, the CEOs’ interest focused on Ganga rejuvenation, food processing, sports and infrastructure, among other areas.

At a joint media breifing earlier, the Dutch Prime Minister said that while the Indian market had all the potential for Dutch businesses, the Netherlands too had a lot to offer to India.

“European Union (EU) is India’s biggest trading partner, and 20 per cent of India’s exports to Europe enter through the Netherlands,” Rutte said, adding that the Netherlands’ image as India’s gateway to EU was only expected to grow in the coming years. (IANS)

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US, China, India to be top prospective destinations for foreign investment: UNCTAD

Jun 7, 2017 0

Geneva–The US, China and India are considered to be the most prospective destinations for foreign direct investment (FDI), predicted the United Nations Conference on Trade and Development (UNCTAD) on Wednesday in its annual report on investment.

According to the World Investment Report 2017: Investment and the Digital Economy, global FDI flows retreated marginally in 2016 by two per cent to $1,75 trillion, amid weak economic growth and significant policy risks perceived by multinational enterprises, Xinhua reported.

Flows to developing countries were especially hard hit, with a decline of 14 per cent, while FDI outflows from developed countries decreased by 11 per cent, mainly owing to a slump in investments from European multinational enterprises.

The US remained the largest recipient of FDI, attracting $391 billion in inflows, followed by Britain with $254 billion, and China with inflows of $134 billion.

According to the report, with a surge of outflows, China also becomes last year the second largest investing country.

In 2017, the global FDI is expected to rise by 5 per cent, to almost $1.8 trillion, attributed to higher economic growth expectations across major regions, a resumption of growth in trade and a recovery in corporate profits.

The modest increase in FDI flows is expected to continue into 2018, taking flows to $1.85 trillion, but still below the all-time peak of $1.9 trillion in 2007, said the report.

“Although this report projects a modest increase for 2017, other factors such as the elevation of geopolitical risks and policy uncertainty may impact the scale of the upturn,” said Mukhisa Kituyi, UNCTAD Secretary-General, adding that “the road to a full recovery for FDI remains bumpy”. (IANS)

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India approves foreign investment proposal worth Rs 9,000 crore

May 3, 2017 0

New Delhi– The central government on Wednesday approved a foreign direct investment (FDI) proposal of up to Rs 9,000 crore.

The decision to approve the foreign investment proposal of Twin Star Technologies was taken by the Cabinet Committee on Economic Affairs (CCEA), whose meeting was chaired by Prime Minister Narendra Modi.

According to the CCEA, the Rs 9,000 crore investment in the name of Twin Star Technologies will be made on or before March 2025 from Twin Star Overseas, Mauritius.

“Foreign direct investment of up to Rs 9,000 crore will be received in the country (on or before March 2025) and will provide direct and indirect employment to over 30,000 people,” the CCEA said in a statement.

“The investment will be through a combination of equity, compulsorily convertible debentures, compulsorily convertible preference shares and other FDl compliant instruments for undertaking downstream investment in Twin Star Display Technologies and other Indian operating companies engaged in activities eligible for receiving FDl on the automatic route.” (IANS)

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Foreign Institutional Investors inflows expected to be $5-10 billion in 2017-18

Apr 26, 2017 0

Kolkata–FII inflows into Indian debt market in 2017-18 are expected to be limited to $5-10 billion, said a report released on Wednesday.

“Aggregate FII (Foreign Institutional Investors) inflows into the Indian debt market in 2017-18 are expected to be limited to $5-10 billion, for which sufficient headroom exists within the existing limits for FIIs,” said ICRA rating agency in its report.

“The bulk of the FII inflows into Indian debt in FY2018 will be in government securities (G-sec) or corporate debt, as concerns regarding the recent rise in state debt would be exacerbated by debt servicing for UDAY loans, pay revision and potential loan waivers by some state governments…” the agency said.

According to the report, FIIs interest in the Indian debt market has revived in the recent months.

After recording outflows of US$7.1 billion during October 2016- January 2017, foreign institutional investors invested $7.4 billion in the Indian debt market since February 2017.

In particular, inflows stood at US$3.9 billion in March 2017, the highest monthly tally since December 2011, the report said.

“The recent surge of FIIs investments into Indian debt is unlikely to sustain in the remainder of this fiscal, as factors such as a likely compression of spreads, geopolitical tensions and the sharp appreciation of the Indian rupee would temper the attractiveness of purchasing Indian debt,” it added. (IANS)

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No modalities yet on 100% foreign investment in aviation: Minister

Mar 17, 2017 0

New Delhi–The government on Friday said it still has to work out the modalities of any policy to allow 100 per cent FDI in domestic airlines.

“We have not initiated any talks with anyone. What the government said is it will invite 100 per cent foreign direct investment (FDI) in aviation. The modalities of how we are going to do it is still to be worked out,” Civil Aviation Minister P. Ashok Gajapathi Raju said on the sidelines of a function in connection with the inauguration of the Airbus India Training Centre (AITC) here.

“This is a suggestion that emerged; decisions came from the Commerce Ministry. Unless we make up our minds on how we are going to make anything operational, we will not be commenting on it,” he added.

P. Ashok Gajapathi Raju

On Wednesday, Minister of State for Civil Aviation Jayant Sinha had, in a written reply, told Parliament that the Centre has not received any application from foreign airlines to start domestic passenger carriers through the 100 per cent FDI route.

The Minister’s reply came after a query on Qatar Airways plan to start a fully-owned domestic passenger carrier in partnership with an institutional investor.

Earlier, Qatar Airways said it plans to set up an airline in India along with Qatar’s sovereign wealth fund.

Under the current rules, a foreign airline can invest only up to 49 per cent in domestic airline. However, in partnership with an institutional investor, the foreign airline can invest and set up a 100 per cent-owned domestic passenger carrier.

Sinha said the government was considering stakeholders’ views before framing any policy that allows for 100 per cent FDI in domestic airlines. (IANS)

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